FATE

MKT CAP:$155M

Fate Therapeutics, Inc.

Market Cap

$155M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$1.32+$0.33 (+33.82%)

Apr 23, 2026

Company Details

Fate Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide. Its NK- and T-cell immuno-oncology programs under development include FT516 for the...

CEO

Bahram Valamehr

IPO Date

Oct 1, 2013

Website

www.fatetherapeutics.com

Key Metrics TTM

Revenue

$8M

-32.2% YoY

Net Income

-$152M

EPS (Diluted)

-$1.28

Free Cash Flow

-$115M

Revenue / Share

$0.07

Gross Margin

100.0%

Operating Margin

-1980.1%

Net Margin

-1815.6%

FCF Margin

-1382.2%

P/S

18.6x

P/E

—

Earnings Reports

Q4 2025

May 12, 2026

PENDING

FY 2025

Feb 26, 2026

$7M-51.2%EPS -$1.15

Q3 2025

Nov 13, 2025

$2M-43.4%EPS -$0.27

Q2 2025

Aug 12, 2025

$2M-71.8%EPS -$0.29

Q1 2025

May 13, 2025

$2M-15.4%EPS -$0.32

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$14M	-$39M	-$55M
Q4 21	$17M	-$52M	-$69M
Q1 22	$18M	-$54M	-$74M
Q2 22	$19M	-$63M	-$83M
Q3 22	$15M	-$65M	-$86M
Q4 22	$44M	-$43M	-$64M
Q1 23	$59M	-$7M	-$29M
Q2 23	$933.0K	-$40M	-$63M
Q3 23	$2M	-$3M	-$51M
Q4 23	$2M	-$3M	-$48M
Q1 24	$2M	-$3M	-$51M
Q2 24	$7M	$2M	-$45M
Q3 24	$3M	$3M	-$52M
Q1 25	$2M	$2M	-$41M
Q2 25	$2M	$2M	-$37M
Q3 25	$2M	$2M	-$35M

Valuation

Quarter	P/S	P/E
Q3 21	2.8x	—
Q4 21	2.8x	—
Q1 22	2.5x	—
Q2 22	2.3x	—
Q3 22	2.2x	—
Q4 22	1.6x	—
Q1 23	1.1x	—
Q2 23	1.3x	—
Q3 23	1.5x	—
Q4 23	2.4x	—
Q1 24	24.0x	—
Q2 24	12.6x	—
Q3 24	11.5x	—
Q1 25	11.6x	—
Q2 25	11.6x	—
Q3 25	18.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$70M	-$89M
Q1 22	-$65M	-$75M
Q2 22	-$53M	-$63M
Q3 22	-$55M	-$64M
Q4 22	-$75M	-$82M
Q1 23	-$29M	-$32M
Q2 23	-$28M	-$31M
Q3 23	-$38M	-$39M
Q4 23	-$37M	-$37M
Q1 24	-$33M	-$33M
Q2 24	-$32M	-$32M
Q3 24	-$29M	-$30M
Q4 24	-$28M	-$28M
Q1 25	-$34M	-$35M
Q2 25	-$25M	-$26M
Q3 25	-$24M	-$27M

Capital Expenditures

Quarter	CapEx
Q4 21	$18M
Q1 22	$10M
Q2 22	$10M
Q3 22	$9M
Q4 22	$7M
Q1 23	$3M
Q2 23	$2M
Q3 23	$565.0K
Q4 23	$181.0K
Q1 24	$86.0K
Q2 24	$51.0K
Q3 24	$495.0K
Q4 24	$98.0K
Q1 25	$1M
Q2 25	$1M
Q3 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+88.2%	+76.3%
Q4 21	+7.4%	+75.4%
Q1 22	+65.3%	+61.9%
Q2 22	+38.3%	+68.9%
Q3 22	+5.3%	+47.2%
Q4 22	+159.9%	+25.8%
Q1 23	+220.3%	-5.7%
Q2 23	-95.0%	-37.5%
Q3 23	-87.0%	-47.5%
Q4 23	-96.2%	-54.3%
Q1 24	-96.7%	-39.5%
Q2 24	+625.8%	-18.3%
Q3 24	+58.1%	+4.2%
Q1 25	-2.8%	-13.8%
Q2 25	-0.9%	-26.6%
Q3 25	-74.3%	-29.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$15M	85.5%
Q1 22	$19M	105.0%
Q2 22	$21M	110.7%
Q3 22	$19M	130.0%
Q4 22	$0	0.0%
Q1 23	$11M	18.6%
Q2 23	$0	0.0%
Q3 23	$10M	519.8%
Q4 23	$0	0.0%
Q1 24	$11M	570.4%
Q2 24	$10M	142.2%
Q3 24	$12M	382.7%
Q4 24	$9M	—
Q1 25	$7M	453.1%
Q2 25	$7M	375.1%
Q3 25	$5M	279.2%

OpEx Breakdown

Quarter	R&D	G&A
Q3 21	$53M	$16M
Q4 21	$70M	$17M
Q1 22	$72M	$21M
Q2 22	$81M	$20M
Q3 22	$80M	$22M
Q4 22	$87M	$22M
Q1 23	$66M	$22M
Q2 23	$41M	$23M
Q3 23	$34M	$19M
Q4 23	$32M	$18M
Q1 24	$32M	$21M
Q2 24	$35M	$17M
Q3 24	$35M	$21M
Q1 25	$29M	$14M
Q2 25	$27M	$11M
Q3 25	$26M	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$65M	$509M	$574M
Q2 22	$55M	$514M	$569M
Q3 22	$82M	$423M	$505M
Q4 22	$61M	$375M	$436M
Q1 23	$42M	$367M	$409M
Q2 23	$47M	$331M	$378M
Q3 23	$33M	$316M	$350M
Q4 23	$42M	$273M	$315M
Q1 24	$121M	$262M	$384M
Q2 24	$37M	$268M	$305M
Q3 24	$38M	$259M	$297M
Q4 24	$36M	$243M	$279M
Q1 25	$45M	$196M	$240M
Q2 25	$41M	$182M	$223M
Q3 25	$41M	$175M	$215M
Q4 25	$47M	$157M	$204M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	95M	+1.1%	+9.8%
Q4 21	96M	+0.4%	+9.6%
Q1 22	96M	+0.6%	+3.1%
Q2 22	97M	+0.4%	+2.5%
Q3 22	97M	+0.3%	+1.7%
Q4 22	97M	+0.2%	+1.5%
Q1 23	98M	+0.9%	+1.8%
Q2 23	98M	+0.4%	+1.8%
Q3 23	99M	+0.2%	+1.6%
Q4 23	99M	+0.0%	+1.4%
Q1 24	101M	+2.5%	+3.1%
Q2 24	117M	+16.2%	+19.4%
Q3 24	118M	+0.3%	+19.5%
Q1 25	118M	+0.5%	+20.0%
Q2 25	119M	+0.1%	+17.2%
Q3 25	119M	+0.4%	+1.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$51.0K	279
Q4 21	$38.0K	449
Q1 22	$41.0K	449
Q2 22	$41.3K	449
Q3 22	$33.4K	449
Q4 22	$80.5K	551
Q1 23	$107.0K	551
Q2 23	$1.7K	551
Q3 23	$3.5K	551
Q4 23	$7.6K	220
Q1 24	$8.8K	220
Q2 24	$30.8K	220
Q3 24	$14.0K	220
Q1 25	$9.0K	181
Q2 25	$10.5K	181
Q3 25	$9.6K	181

Revenue / Employee